Telecom NZ lodges regional broadband bid

Telecom Corp of New Zealand has put in a binding bid to be the Crown's partner in the 25 regions remaining for its ultrafast broadband (UFB) initiative and is cutting the size of its senior management team.

Telecom has said it will separate its network arm, Chorus, to win the UFB role but on Monday it outlined a restructuring of senior management roles that goes ahead no matter what the Government decides.

The team that sits at the top table with chief executive Paul Reynolds will be reduced from 10 to eight.

Acting chief executive of wholesale Nick Clarke leaves the top table but will continue to report directly to Dr Reynolds. Five corporate centre executives - finance, HR, strategy, legal and corporate relations - will reduce to three roles.

A new executive role of chief product officer is tasked with improving product and pricing activity across the company and teams from a range of divisions will move into this new business unit.

Mark Ratcliffe, who has led Telecom's UFB bid team, will resume his role as chief executive of the Chorus business unit, while retaining the lead on UFB matters with the Crown.

Telecom said it had provided a binding offer to Crown Fibre Holdings in respect of the Crown's UFB initiative.

"Of course, we are engaged in an intensely competitive process with other bidders and the Crown must decide, so we retain a degree of caution. However, the Telecom board is satisfied that we have submitted the best possible bid terms on behalf of our shareholders," Dr Reynolds said.